Name: SPDR S&P Biotech ETF

Ticker: XBI

Price: $84.19

Needs to Hold: $81 to $82

Price Objective 1: $87 to $89

Price Objective 2: N/A

The market is still in a perky mode. I think biotech is the way to play it near-term, especially with the JP Morgan healthcare conference bringing more attention to the sector.

XBI could hit the $87 to $89 range if the market keeps pushing upward.

On the downside, if XBI broke into the $81 to $82 area, I'd look to switch gears.

Just keep in mind the important CPI report is tomorrow which has the potential to shake up the market.

Stay tuned for more updates.

-Scott